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Fueling this development via the Brooklyn microgrid was the startup company LO3 Energy . Today power and utility companies all over the world are now exploring various ways to implement blockchain technology. Doing so could upend existing models of how energy and utility markets function. Applied on a broader scale, it could be the spark that transforms these legacy industries. So what sort of problems is blockchain technology expected to address in this space? For starters, the technology is seen as a means of overcoming some of the entry barriers that restrict the delivery of electricity to more customers. Here the blockchain infrastructure could foster a more open and transparent mechanism for codifying transactions in the energy realm involving both generation and consumption. Second, blockchain technology can provide companies in these industries with a more efficient way to record and process data, potentially leading to a more synchronized global distribution of energy. Customers would also be afforded a more streamlined and accurate experience in terms of managing their bills and access to the activity taking place on their accounts. Third, the archaic and costly function of meter reading could effectively be eliminated while at the same time boosting the accuracy of bills. Finally, blockchain integration can provide a more effective system for assessing energy sources and determining how that affects the pricing passed on to the consumer.